Posted on: 30th Sep, 2010 09:03 am
My partner and I are soon to be divorced, and are in the process of dividing up assets. The one asset that seems to be causing a lot of trouble is our home which is underwater. Currently, I do not live in the home, nor want the home. My partner is trying to pay mortgage, but is having trouble. She applied for a loan modification, and now is asking me to sign as a co-borrower. I am not sure if this is something that I should do or not. In a perfect world, I would love to get my name off the mortgage, but refinancing is not an option, and with the home being underwater there are not many other options. BTW - she also has claimed to have filed for bankruptcy as well. I am not sure what all this means to me, and could use any perspective(s) on this.
Thanks,
Ryan
Thanks,
Ryan
Hi williams,
Is your name mentioned on the mortgage docs as a co-borrower of the loan? If yes, then you will become liable for the mortgage payments in full if your wife files bankruptcy. She will get a discharge from the mortgage and the lender will come after you to recover the dues.
Thanks
Is your name mentioned on the mortgage docs as a co-borrower of the loan? If yes, then you will become liable for the mortgage payments in full if your wife files bankruptcy. She will get a discharge from the mortgage and the lender will come after you to recover the dues.
Thanks